How to Save for Retirement

If you're just starting your career, now is the best time to consider your future because you have the luxury of time. If you've been working for a while, it's not too late to make a plan that works for you or identify ways to make your current plan better.

Identify Your Goal

When do you plan to retire? How much will you need to live in the retirement you envision? Knowing what you're aiming for will help you set your target so you can invest accordingly.

Write down your goal amount and use it as a basis for your retirement planning and investing decisions.

Be specific about the amount of time you have.

Based on these two factors, use our Time-Value Calculator to determine how much you may need to save to reach your goal by retirement.

Build Your Plan

How much should you save for retirement? How long could it last? Conventional thinking says you will need 70% to 80% of your pre-retirement income each year to maintain a similar lifestyle in retirement.

Take inventory of your retirement savings accounts, Social Security or perhaps a pension plan.

Think about whether you'll continue working, and what kind of work you might do.

Consider income you might receive in other ways, such as from the sale of a home or business.

Consider major expenses that you might not have now, such as potentially higher health care or long-term care expenses.

Find Your Fit

What's the right savings vehicle for you? How should you invest? Choosing investments that help you balance risk and reward will help you earn money and preserve your retirement savings.

Your goal is to build a portfolio that gives you the best chance of success while minimizing risk.

The investments you choose are critical, but they are not a cure-all. They can't fix insufficient savings or chronic overspending.

Our complimentary online Retirement Planner tool can get you started on developing a solid retirement plan in about 15 minutes.

Or if you prefer, request a call from an experienced Investment Consultant who can personally walk you through developing your plan.

Getting close to retirement age or wanting to get a sneak peak at what those nearing retirement are considering? Explore content that can help you map out the transition from preparing for retirement to living in retirement.

You should consider the fund's investment objectives, risks, charges and expenses carefully before you invest. The fund's prospectus or summary prospectus, which can be obtained by calling 1.800.345.2021, contains this and other information about the fund, and should be read carefully before investing. Investments are subject to market risk.